Russia Will Expand Opportunities for Imposing Sanctions against Ukraine

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The government has submitted to the State Duma a bill that will allow applying sanctions against a company if foreign individuals and legal entities already under economic restrictions have a share of more than 25 percent in it. Today, sanctions can be imposed on foreign companies and citizens, interstate foreign economic agreements and programs. Companies controlled by foreigners are not mentioned in the documents. If the law is adopted, banks, insurance companies, payment acceptance operators, non-state pension funds, microfinance organizations, pawnshops, telecom operators, gambling organizers and lottery operators will be required to block transactions with money or other property of sanctioned individuals and legal entities. In the event of repeated violations during the year, the Central Bank may revoke licenses from supervised enterprises. The blocked person will be able to conduct operations to receive and spend pensions, scholarships, benefits, social benefits, as well as to pay taxes and fines. These measures are supposed to be extended to the restrictions that were introduced on October 22, 2018 in connection with the unfriendly actions of Ukraine against Russian citizens and legal entities.